The Milford Bank has announced the launch of Plinqit, a brandable savings app, which pays users for engaging with content and helps them save money and improve financial wellness.

Established in 1872, The Milford Bank chose Plinqit to provide a cost-effective way for customers to save money for life goals.

Milford Bank said that unlike several fintechs that offer consumer-facing savings apps, Plinqit has been designed for financial institutions to promote engagement and deposit growth, while maintaining their commitment to serving their communities.

The Build Skills platform in Plinqit pays users for engaging with content. Users who watch a video or read an article from the Plinqit library and take a short quiz will be rewarded for learning more about personal finances. The objective is to create higher user engagement for financial institutions.

The Milford Bank president and chief executive officer Susan Shields said: “With Plinqit, we can provide customers a digital experience that helps them save while also providing them with The Milford Bank’s personalized customer service.

“HT Mobile Apps’ knowledge of community banking and focus on partnering with community banks instead of competing against us drew us to their unique value proposition.

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“We are excited to partner with Plinqit and see our customers meet their savings goals effectively all while attracting new customers who may not understand the difference a community bank can make on their path to financial wellness.”

HT Mobile Apps founder and chief executive officer and Plinqit creator Kathleen Craig said: “When we created Plinqit, we were looking for a way for community financial institutions to better engage with customers while also teaching people about personal finances.

“It has worked – total Plinqit deposits recently surpassed $500,000 in just a few short months. By partnering with The Milford Bank, we can support their goals of serving their community, improving the financial wellness of their customers in a fun way.”